US Lawmakers Push for Crypto Tax Policy & Market Regulation

Lawmakers in the US House of Representatives are set to hold a hearing on a crypto tax policy framework, along with considering bills on CBDCs, stablecoins, and market structure. Witnesses for the July 16 hearing are unknown. Republican lawmakers are proposing various legislative paths to address regulatory issues in the crypto industry.

During debate over Trump’s budget bill, Senator Cynthia Lummis proposed a provision to address double taxation for crypto miners and stakers. Although the Senate passed the bill without this amendment, Lummis submitted a standalone draft bill on digital asset taxation shortly after.

A “crypto week” of legislation initiated by Republicans will see discussions on the GENIUS Act for payment stablecoins, the Anti-CBDC Surveillance State Act, and the CLARITY Act for market structure. The Senate also plans to proceed with its own crypto market structure legislation. The GENIUS Act awaits a full House vote after passing the Senate.

Read more at CoinTelegraph: US Lawmakers To Discuss Crypto Tax Policy Amid Push To Pass Three Bills